It may have been only a few pence, but to HMV investors it was a real sign of life. Reassurances by the chief executive yesterday that talks with banks were going well sent the share price up by a third.

Simon Fox said that HMV’s banks, led by Lloyds and RBS, were “very positive and very supportive” and ruled out using a company voluntary arrangement (CVA) to shed stores.

The statement, made on the sidelines of the Retail Week conference in London, assuaged fears in the stock market and sent HMV shares up 3¾p to 15¼p.